Entrepreneur

ship
Risk-taker Communicator

Proactive
Leader

Innovator

Opportunity- Decisive
seeker

Entrepreneur
 Concept of
Entrepreneurs
hip
Entrepreneurship is the ability and readiness to
develop, organize and run a business
enterprise, along with any of its
uncertainties in order to make a profit. The
most prominent example of
entrepreneurship is the starting of new
businesses.
 What Is an Entrepreneur?
Derived from the French verb entreprendre, meaning "to undertake").

The entrepreneur is defined as someone who has the ability and

desire to establish, administer and succeed in a startup venture
along with risk entitled to it, to make profits. The best example of
entrepreneurship is the starting of a new business venture. The
entrepreneurs are often known as a source of new ideas or
innovators, and bring new ideas in the market whether it's a
product, service, or business model.
 Why Are Entrepreneurship
Important?
Entrepreneurship is frequently credited as a major driver of
economic growth, spurring transformation, the creation of new
markets, innovation, and building wealth. Entrepreneurs are often
key to developing ideas and solutions to problems while creating
new products.
Starting a business can bring additional resources and money to a
region, helping to increase wealth and prosperity. Meanwhile,
entrepreneurs often contribute to social and cultural evolution,
bringing fresh perspectives and inspiration.
 What are the 4
types of
Entrepreneurship
?
 Small Business
Entrepreneurship
These businesses are a hairdresser, grocery store, travel agent,
consultant, carpenter, plumber, electrician, etc. These people
run or own their own business and hire family members or local
employee. For them, the profit would be able to feed their
family and not making 100 million business or taking over an
industry. They fund their business by taking small business
loans or loans from friends and family.
 Scalable Startup
Entrepreneurship
This start-up entrepreneur starts a business knowing that their vision
can change the world. They attract investors who think and
encourage people who think out of the box. The research focuses on
a scalable business and experimental models, so, they hire the best
and the brightest employees. They require more venture capital to
fuel and back their project or business.
 Large Company Entrepreneurship

These huge companies have defined life-cycle. Most of these

companies grow and sustain by offering new and innovative
products that revolve around their main products. The change in
technology, customer preferences, new competition, etc., build
pressure for large companies to create an innovative product and
sell it to the new set of customers in the new market. To cope with
the rapid technological changes, the existing organisations either
buy innovation enterprises or attempt to construct the product
internally.
 Social Entrepreneurship

This type of entrepreneurship focuses on producing product and

services that resolve social needs and problems. Their only motto
and goal is to work for society and not make any profits.
Characteristics of
Entrepreneurship
Not all entrepreneurs are successful; there are definite
characteristics that make entrepreneurship successful. A
few of them are mentioned below:
Ability to take a risk
Starting any new venture involves a considerable amount of
failure risk. Therefore, an entrepreneur needs to be courageous
and able to evaluate and take risks, which is an essential part of
being an entrepreneur.
Innovation
It should be highly innovative to generate new ideas, start a
company and earn profits out of it. Change can be the launching
of a new product that is new to the market or a process that does
the same thing but in a more efficient and economical way.
Visionary and Leadership quality
To be successful, the entrepreneur should have a clear vision of
his new venture. However, to turn the idea into reality, a lot of
resources and employees are required. Here, leadership quality
is paramount because leaders impart and guide their
employees towards the right path of success.
Open-Minded
In a business, every circumstance can be an opportunity and
used for the benefit of a company. For example, Paytm
recognised the gravity of demonetization and acknowledged the
need for online transactions would be more, so it utilised the
situation and expanded massively during this time.
Flexible
An entrepreneur should be flexible and open to change according
to the situation. To be on the top, a businessperson should be
equipped to embrace change in a product and service, as and
when needed.
Know your Product
A company owner should know the product offerings and also be
aware of the latest trend in the market. It is essential to know if
the available product or service meets the demands of the
current market, or whether it is time to tweak it a little. Being
able to be accountable and then alter as needed is a vital part of
entrepreneurship.
 Importance of
Entrepreneurship
Creation of Employment
Entrepreneurship generates employment. It provides an entry-
level job, required for gaining experience and training for
unskilled workers.
Innovation
It is the hub of innovation that provides new product ventures,
market, technology and quality of goods, etc., and increase the
standard of living of people.
Impact on Society and Community Development
A society becomes greater if the employment base is large and
diversified. It brings about changes in society and promotes
facilities like higher expenditure on education, better sanitation,
fewer slums, a higher level of homeownership. Therefore,
entrepreneurship assists the organisation towards a more stable
and high quality of community life.
Increase Standard of Living
Entrepreneurship helps to improve the standard of living of a
person by increasing the income. The standard of living means,
increase in the consumption of various goods and services by a
household for a particular period.
Supports research and development
New products and services need to be researched and tested
before launching in the market. Therefore, an entrepreneur
also dispenses finance for research and development with
research institutions and universities. This promotes research,
general construction, and development in the economy.
 Thanks you
for Listening!